MTPredictor Blog on Forex

Euro collapse due to Greece’s debt problems, part 2

2010-04-28T02:26:00.001-07:00

OK, now we know that the “larger degree” chart (4hr) was giving a sell signal, we can zoom down to the 1 hr chart. Here we see that a high was made right at DP resistance. This nailed the high before the Euro declined sharply.

With +5.2R Profit (ignoring spread) available at the lower DP, this was a perfect example of how the rest of the world was running around not know what was happening, in fact the debt crises was headline news. And all the time, MTPredictor had nailed a beautiful trade and was making money for its users. Brilliant !

Thanks, Steve

Euro collapse due to Greece’s debt problems

2010-04-28T02:17:00.001-07:00

Hi Everybody,

There has been a lot in the news yesterday about the debt crises in Greece and as such that has affected the Euro. So let’s see what MTPredictor made of this..............

Let’s start with the 4hr chart, where we can see that we had an automatic TS2 sell.................. so the trick now is to move down to the 1hr chart for a better trade entry.

Thanks, Steve

Perfect Elliott Wave patterns

2010-03-26T04:39:00.001-07:00

Hi Everybody,

In the Advanced Blog today I was looking at “perfect Elliott Wave patterns” and was showing that they still unfold on the US e-minis with great regularity. But what of FOREX, a market that is dominated by system trading ?

Well just look at the attached chart, where the recent low on the EURGBP 1 hr chart fell not only right at our DP support zone, but the last swing into the low was a perfect 5 waves, with the low right at the Typical Wave 5 WPT as well !

I still find it amazing when markets turn exactly at anticipated level like this, and in MTP you have the tools to then be able to take advantage of this....

Thanks, Steve

USDCHF – 1hr chart

2010-03-25T04:21:00.001-07:00

Hi everybody,

A great DP trade has just completed on the USDCHF 1 hr chart. As you can see, the STF was strong as the first DP target was reached, so the ATRStop was used for trade management. The result was a very nice +5R Profit (ignoring spread)

Thanks, Steve

Longer time frames

2010-03-03T02:19:00.001-08:00

Hi Everybody,

I have said this a number of times before, but it is worth re-stating. Forex works best on the longer time frames, for example 1hr and 4hr charts....

Here is a great example on a 4hr Chart of the USDCAD, where the recent TS4 sell has just reached the initial profit target. As the STF is strong, it is time to swap to the ATRStop....

Thanks, Steve

EURJPY +9.8R Trade

2010-03-02T01:30:00.001-08:00

Hi Everybody.

I have been following the EURJPY for a few days now, and I was please to see how the recent TS3 short trade has just reached the first projected profit target, where +9.8R Profit (ignoring spread) was available.

Another great example of a standard and automatic MTPredictor trade in the Forex market :)

Thanks, Steve

EURJPY – lovely TS3 sell

2010-02-24T04:18:00.000-08:00

Hi Everybody,

The EURUSD was not the only Euro cross rate with a great trade, please see this 1hr chart on the EURJPY. As you can see, not only did the DP nail the recent high a few days ago............... But we also had a lovely TS3 sell that would have had you short just before the recent sharp decline....

As the STF was strong, standard traders would have swapped to the ATRStop, which is currently locking in +7R Profit (ignoring spread)

Another great example of the MTPredictor tools and routines at work in the FOPREX markets.....

Thanks, Steve

Euro does it again...........

2010-02-24T04:10:00.001-08:00

Hi Everybody,

Here is another great example, this time on the EURUSD 1 hr chart.

As you can see, there was a lovely DP sell that nailed the high, just before the recent decline. With a nice +5.7R Profit (ignoring spread) at the initial DP target (as the STF was weak), this was a nice trade and a great example of the MTPredictor automatic setups in action. ............

Thanks

Steve

Euro collapse part 2

2010-02-12T01:04:00.001-08:00

OK, now we have established that the 4hr chart was at DP resistance, can you see that the `hr Chart was also at DP resistance as well. This was the cue for a short trade.

AS you can see, this got you short as the Euro started to decline. The GBPEUR then went straight though the initial minor DP target ans the short tarde is now being managed using the ATRStop.

With a current Profit of +7R (ignoring spread), this is turning out to be a good trade. So while all the Bankers run around like headless chickens not knowing what is happening, MTPredictor customers are quietly and confidently making money :)

Thanks, Steve

Euro collapse !

2010-02-12T00:59:00.000-08:00

Hi Everybody,

As the problems for the Euro hit the news after the debt problems in Greece, the Euro has been declining sharply.... BUT, and here is the good news for all MTPredictor users, the high was right at DP resistance, so a short trade was available to take advantage of this sharp fall...........

Let’s take a closer look.................. First let’s start with the “larger degree trend” on the 4hr EURGBP Chart. As you can see, this high was at DP resistance. In fact this was the DP target area from our previous long trade.... so you all should have been fully aware of this level !

So now let’s move down to the 1hr chart........

Thanks, Steve

EURGBP – follow up

2010-02-10T03:39:00.000-08:00

Hi Everybody,

Here is a quick follow up on a post form a few days ago on the EURGBP 4hr chart. As you will have seen, the EURGBP was staring to rally off a DP buy.

Well, this rally continued and the EURGBP has now reached the first profit target, where +6.6R Profit (ignoring spread) was available.

I hope this has been a good example of a trade that has unfolded while these posts have been updated..................

Thanks

Steve

GBPJPY continues lower.....

2010-02-08T02:43:00.001-08:00

Hi Everybody.........

Well, as we start a new week, this trade is still going with us and is now on a Profit of approx +11R (ignoring spread).

What a brilliant trade and a great example of how well MTPredictor can nail great trades for you

Thanks, Steve

GBPJPY collapse

2010-02-05T02:55:00.001-08:00

Hi Everybody............

Many of you will have seen the sharp move in Cross Rates against the JPY over the last day, so it was very nice to see that we got a lovely TS3 sell on the GBPJPY 4hr chart just before this collapse started.

The result is that this short trade is currently on a very Nice +8.8R Profit (at the time of writing)

Thanks

Steve

EURGBP – 4hr Chart

2010-02-03T02:16:00.001-08:00

Hi Everybody,

Here is a nice DP buy that is currently unfolding on the EURGBP.

With stops already at break-even, this is now a free trade, so let’s see how it unfolds ?

Thanks, Steve

TS3 sell on the 1hr Chart

2010-01-21T02:11:00.001-08:00

OK, now we know the 4hr larger degree trend was down, this TS3 sell on the 1hr chart was “in the direct of” the larger degree trend so was a good one to consider.

As you can see, the EURUSD has actually continued much lower, but this is OK because the STF strength band was exceeded so the trade is now being run with the ATRStop.

With +13R Profit at the moment (ignoring spread) this is turning out to be a great trade............

But the point is that too many amateurs “over trade”, so the advice from all professionals is trade less and only trade when the picture is clear.

Steve

Only trade when the Picture is clear

2010-01-21T02:07:00.001-08:00

Hi Everybody,

I have been talking today on the Day Trading Blog about only trading when the picture is clear, and the same applies to FOREX. Sometimes the “larger degree” picture is unclear, this is when professional traders stand aside and wait for the picture to become clear. Too many armatures traders “overtrade” and what to trade all the time, and as such loses needlessly. Here is a good example on the EURSD,

Let’s start with the larger degree trend on the 4hr chart, as you can see, the trend was clearly down from the last minor DP high into the recent DP zone. OK, now we have declined below this level, but at the time we had a 1hr TS3 sell, the 4hr chart was still heading down to DP support. So “at that time” the larger degree trend was down.

Lets now take a look at the 1hr Chart

Steve

EURUSD – 1hr Manual DP sell

2010-01-15T02:32:00.001-08:00

Hi Everybody,

Here is a great example of how you can use the “manual” DP levels on FOREX charts to uncover some great trades.

Here the manual DP nailed the recent high on the EURUSD 1hr chart perfectly. The market has fallen nicely to reach the “opposing DP” level. But the difference here is that as the lower DO level was reached, the STF was strong, so standard traders would have swapped to the ATRStop for trade management.

The markets is still declining as I write..................

Thanks, Steve

EURJPY – 1hr TS4 sell

2010-01-15T02:28:00.001-08:00

Hi Everybody,

Here is a great example of a standard TS4 sell on the EURJPY 1hr Chart.

As you can see, the TS4 sell nailed the high perfectly, before a sharp fall unfolded. As the first profit target was reached, the STF was weak, so Standard Traders would have banked a nice +5.2R Profit (ignoring spread)

A great example of a standard and automatic MTPredictor Trade setup that was then managed using the standard trade management guidelines...

Thanks, Steve

Multiple time frames Part 2

2010-01-11T04:04:00.000-08:00

OK, once we had support at the 1hr DP (last post) we could have also seen that the 15min Chart was at DP support. This was the long trade entry.

The markets then rallied in what looked like to be a Elliott Wave 1,2,3. I have “manually” added these labels.

The exit would have been as the market reached the Typical Wave 3 WPT, especially as the Wave [3] has “sub divided” into a minor 5 waves.

The results could have been a nice +7.8R Profit (ignoring spread).

I hope this has been a good example of how you can use some of the more advanced tools that are available in the software

Thanks, Steve

Multiple time frames

2010-01-11T04:00:00.000-08:00

Hi Everybody,

I am asked a lot about the more Advanced Features of MTPredictor, so here is a brilliant recent example.

As usual, let’s start with the “larger degree trend”, here the 1hr EURUSD was finding support at the lower DP. Then, we can see how it then rallied to the higher DP nicely.

So how could, this have been traded ? Well, this is one of the times when you could have used the 15min chart for trade entry but only “after” you had established the “larger degree” 1hr position.

Thanks, Steve

USDJPY – 1hr Chart

2010-01-08T02:40:00.001-08:00

Again, another good example of an ABC correction, this time on the USDJPY 1hr chart.

Here the USDJPY rallied nicely to the higher DP for a nice +5.4R Profit (ignoring spread).

Thanks, Steve

PS, Again, this is using our new Real-time data feed from MetaTrader4 into MTPredictor via our new RTDataServer.

EURGBP – DP sell

2010-01-08T02:28:00.001-08:00

Hi Everybody,

As I start to look forward to skiing this year, I thought I would check the EURGBP rate to see how much those Beers on the slopes will cost this year

Once I got there I saw a lovely DP sell that has caught the current decline very nicely indeed. So let’s see whether we can reach the lower DP target.

PS, this is using our new Real-time data feed from MetaTrader4 into MTPredictor via our new RTDataServer.

Thanks

Steve

Elliott Wave Module

2010-01-08T02:16:00.001-08:00

Hi Everybody,

Here is a great example of the other, more advanced, tools that are available in MTPredictor.

Here we had a Wave C low on the EURGBP 60min Chart, as found by the Elliott Wave module. Initial, target is the DP form the prior Wave B high. As you can see, the EURGBP rallied to this level, where a nice +4R Profit was available (ignoring spread)

Thanks, Steve

PS, notice the nice DP sell earlier on the chart as well :)

DP’s on the GBP 60min Chart

2009-12-17T06:58:00.000-08:00

Hi Everybody,

The DP’s (Decision Points) are very useful for pinpointing areas of support / resistance. These work particularly well in a narrow range bound time lime we have had recently on the 60min GBPUSD Chart.

When there is a “fake out”, a rally in this case, notice how the DP pinpointed the area where the rally reversed. The GBP then declined straight down in opposing DP support.

As such, there was the opportunity for a nice +3.8R Profit (ignoring slippage and commission) as this decline unfolded

Thanks, Steve

Don’t forget the longer term Charts

2009-12-08T02:24:00.001-08:00

Hi Everybody,

Just as I said in the “Day Trading” Blog, sometimes the longer time frames charts give you great results. A good example is on the 240min GBPUSD, as you can see, the recent TS3 sell has just reached the first projected profit target for a very nice +5.2R Profit (ignoring slippage and commission)

Again, another good example on why you should not forget the longer time frames charts, particularly on FOREX

Thanks, Steve

Absolutely Perfect !

2009-11-30T02:29:00.001-08:00

Hi Everybody....

Before you read this post, please re-read the post on the 15min GBPJYP below where I “forecasted” IN ADVANCE, where I thought the TS3 long trade should go. Yes (and I have to stress this again), this was posted IN ADVANCE, before the market unfolded. So no hindsight at all !!

As you can see, the GBPJPY did indeed rally and then make a high exactly at the Typical Wave 3 WPT, EXACTLY as I said it would :-)

The result was a lovely +7.2R Profit (ignoring slippage and commission).

I hope this has been a good example for you all that shows when (and only when) shorter terms charts can be used on FOREX and then how well they work, as long as the pattern is good and it falls in line with the larger degree position.

Thanks, Steve

Advanced Analysis using the Elliott Wave module

2009-11-27T05:55:00.000-08:00

Hi Everybody,

MTPredictor v6.5 contains many modules that the Advanced Trader can use. These include the Elliott Wave module that uses my “unique” Isolation Approach to Elliott Wave.

Here is a good example of not only how the trade entry (at the Wave C high) could have been identified, but also how the Elliott Wave module, helped manage the trade with profits being taken at the maximum Wave 5 WPT.

The Elliott Wave module is only available in the full MTPredictor v6.5

Thanks, Steve

The only time to look to shorter term Charts

2009-11-27T05:48:00.000-08:00

Hi Everybody,

As I said in the post below, FOREX is best on the longer term charts. However, for the more Advanced Traders among you, you can consider shorter-term charts “only” when it “fits in” with the larger degree chart “and” the pattern is “clear”.

Here is a good example on the GBPJPY again, this time using the 15min Chart. BUT the big difference here is that we have “confidence” that a important low is now in place on the “larger degree Charts, therefore a rally is anticipated on this short term 5min Chart.

“Ideally” a rally into the DP that coincides with the Typical Wave 3 WPT would be perfect, but we will have to wait and see....

Again the best time frames for FOREX are normally 60, 240, 480 and Daily..............

Thanks

Steve

GBPJPY – 480min short

2009-11-27T02:22:00.000-08:00

Hi Everybody,

This post is a reminder not to forget the longer time frames when trading FOREX.

Forex can be a very choppy and unpredictable market on the very short time frames, so very often the best trades can be found on longer time frames, like 60min, 240min and here is a great example on the 480min Chart of the GBPJPY.

As you can see, this caught the recent decline beautifully....

Thanks

Steve

GBPUSD – 240min TS3 long

2009-11-19T04:28:00.001-08:00

Hi Everybody,

The GBPUSD on a 240min Chart has just completed a nice +5R Profit (ignoring slippage and commission). Yes there was a -1R loss first, but as usual, this was kept small, a lot smaller than the +5R Profit, and that is what makes money over time, keeping the losses small and the profits large....

Thanks

Steve

Larger Degree trend - Video

2009-11-16T04:19:00.000-08:00

Hi Everybody,

I know a lot of you can find the transition from “standard trader”, (where you follow the STF colour and just look at the automatic setups), to becoming a more “advanced trader”, (that looks at the larger degree chart, using the DP levels, as well as moving onto more advanced manual analysis), a little tricky. As with learning any new skill, this transition takes time.

My advice is to keep following my Blog, re-reading the Trading Course, watching the videos and most of all, practice and study your charts.

It took me many years to become a expert trader, so to expect this in just a few days or weeks is silly. MTPredictor is a very powerful piece of software. We have the automatic setups, and this is where most of you start. But then, as you learn more, you begin to use more modules and routines in the software. The Russell Index trade (shown below) is a great example of how the more experienced trader can use the other modules in the software to improve their results. So learning to become a better and more experience trader is more of a “journey” rather than a once stop solution.

This Blog will help in that journey, so today I have put together a help video on the larger degree trend for you:

http://www.mtpredictor.com/help/videos/LargerDegreeTrend/LargerDegreeTrend.html

This will help show you how I use the larger degree charts to determine the larger degree trend

Thanks, Steve

Position Sizing

2009-11-09T02:49:00.000-08:00

Hi Everybody,

Here is a great example of how correct Position sizing is used in MTPredictor to keep your losses small. If you look at the attached JPYUSD 60min Chart, you can see how there was first a losing trade, but this was kept small at just -1R (or risk until). Then there was another sell setup (that nailed the very bar of the high), but again correct Position Sizing kept the initial risk on this small.

The result was that the eventual Profit on this second trade, as much larger than the loss on the first trade. Meaning that overall, even after a losing tarde money was made overall.

This is the key to successful trading - keeping your Losses small and Profits large. If you ever were struggling with how to do this, then the correct Position Sizing used in MTPredictor will help you :-)

Thanks

Steve

GBPJPY – update

2009-11-09T02:36:00.000-08:00

Hi Everybody,

In my last post we saw how the GBPJPY 60min Chart had just made a Wave 5 high. Well, from the Trading Course, what should we be looking for after a competed Wave 5 high ?

Exactly, an ABC “correction”............

And that is what unfold, with the low right at the minimum Wave C WPT. The GBPJPY has since rallied nicely off this low.

Thanks

Steve

GBPJPY – analysis part 3

2009-11-05T05:39:00.000-08:00

Using our more normal DP and Intermediate degree Elliott Waves, we had support at the DP.

The GBPJPY then rallied strongly off that low. But did you all notice in the post below that I included the Typical Wave 3 WPT on the major degree ? Well that was to show how this major Wave 3 rally “sub divided” into 5 waves. This is classic Elliott Wave.

A nice +4R Profit (ignoring slippage and commission) was available as the minimum Wave 5 WPT was reached.

Steve

GBPJPY – analysis part 2

2009-11-05T05:36:00.001-08:00

OK, now we had the larger degree DP support, we need to look for a low risk buying opportunity.

Using the Major waves, a possible Wave 2orB unfolded after an initial rally then decline off the DP support. This was worth further investigation.

Steve

GBPJPY – analysis

2009-11-05T05:34:00.001-08:00

Hi Everybody,

Today I would like to look at how to Analyze a Cross rate “from the top down”. As usual, we start with the larger degree trend. We are looking for areas of support / resistance. Once we have found there, we can then move down to the shorter time frame to see if a low risk setup appears.

So on the GBPJPY let’s start with the 240min chart. Here can you see how there was DP support a while ago, this set the larger degree trend to up, so now let’s move forward to the shorter term, 60min chart and look for a setup.

Steve

Now for the Advanced Traders.....

2009-10-30T04:41:00.000-07:00

The Advanced Traders among you will know (form carefully study of the Trading Course), that the “initial target” from a Wave C low is the DP from the prior minor Wave B swing. This was hit on the 240min chart (post below) perfectly.

So this was the perfect place to look to lock in a massive +9.9R Profit at this same DP on the 60min Chart.

So there we have it, another +9R Profit on FOREX in the last few days using MTPredictor

Steve

Larger degree trend

2009-10-30T04:39:00.001-07:00

As you can see, the 60min DP buy came at a 240min Wave C low, so fitted in perfectly with the larger degree tend. Also the DP was at a Wave 5 low on the 60min Chart (not shown). As such, this was a good trade to consider.........

Steve

DP buy on the GBPJPY 60min

2009-10-30T04:37:00.001-07:00

Hi Everybody,

Here is another great example on the 60min Chart of the GBPJPY, where an automatic DP buy unfolded recently. The STF was strong as the first target was reached so the “standard” traders among you would have used the ATRStop from there.

The result – a very nice +7.4R Profit (ignoring slippage and commission)

But what of the larger degree trend ?

Steve

But what of the larger degree trend

2009-10-29T03:56:00.001-07:00

As you should all know by now, we always have to look first at the larger degree trend to see how the trades “fit in”. On the 240min FOREX , I then look to the 480min, then Daily charts......

As you can see here, the Daily GBPJPY had just put in a nice Wave C low, with the low right at the typical Wave C WPT, as such the ABC low was “in the direct of” the new Daily up trend............

Thanks, Steve

Brilliant rally off the lows

2009-10-29T03:52:00.001-07:00

Hi Everybody,.

Here is a great example that unfolded while I was away on vacation on the 240min GBPJPY Chart. An ABC low, off which a 5-wave rally unfolded. If you look at the chart, you can see how this 5 wave rally not only reached the initial DP target, but also how the rally unfolded in 5-waves with the high right at the Typical Wave 5 WPT. As such this was the perfect place look to lock in Profits for a massive +9.8R Profit (ignoring slippage and commission).

I still find it amazing when markets unfold in such perfect patterns like this again and again :-)

Thanks, Steve

Pop Quiz – the answer part 2

2009-10-20T05:48:00.001-07:00

And as you can see, by moving your stop to break-even quicker ion this 60min long trade would have avoided an otherwise losing trade............

I hope this has been a good example on a setup that was in the process of unfolding (so I did not know the outcome :-) )

Steve

Pop Quiz – the answer

2009-10-20T05:45:00.001-07:00

Hi Everybody,

Here is the 240min Chart, which is the “larger degree” chart to the 60min in the last post. As you can see, the JPYUSD had just put in a Wave C high, so the “larger degree” trend was now down, making the TS4 buy on the 60min chart “against” this larger degree trend.

An when a trade is against (or unsure) the larger degree trend and you want to take it you must protect it quicker using the 100% initial risk guideline.

OK, onto the 60min chart in the next post

Steve

Pop quiz

2009-10-19T05:16:00.001-07:00

Here is a quick pop quiz for you all :-)

The JPYUSD 60 has just given a TS4 buy setup. BUT, and this is for you just to think about yourselves, please do not email me, on this long trade, should you be using the 100% initial risk level to bring your stop to break-even or not.

Again, please do not email me with your thoughts, just look at the longer term charts yourselves and decide.

Thanks

Steve

EUR – 60min Chart

2009-10-19T04:30:00.001-07:00

Here is another example, this time on the 60min EURUSD Chart.

Here the TS1 sell unfolded nicely, but this was “against” the larger degree up trend, so you should not have been looking to “run” this short trade, but bank the profits early, either as soon as the first projected profit target came in, but especially when a DP buy setup came in a little later.

Thanks

Steve

100% initial risk level

2009-10-19T04:16:00.001-07:00

Hi Everybody,

For those of you who have read my DAX post on the Day Trading Blog will have seen me talk about when to use the 10% initial risk guideline. Well here is a good example of when to use it – when you are “against” the larger degree trend.

Here this “manual” DP sell on the 60min AUDUSD chart made a nice +3.6R Profit (ignoring slippage and commission), but it was against the larger degree 240min chart. When this happens or you are unsure of the larger degree pattern, then as soon as the trade exceeds the 10% initial risk level, move your protective stop to break-even. This means you are protected quicker....

Thanks

Steve

GBPUSD – 240min Chart

2009-10-15T01:26:00.001-07:00

Hi Everybody,

Well it is nice to see the GBPUSD 240min reach the projected DP target I had in yesterdays post :-)

I hope this has been yet another good example of how the DP’s can be used on your FOREX Charts............

Steve

GBPUSD – 240min Chart

2009-10-14T02:37:00.000-07:00

Hi Everybody,

Any of you wondering why the GBPUSD has been rallying ? Well, it is because of the recent DP support, please see the chart to the right. Can you all see how the DP nailed the low perfectly for you :-)

Any longs off this low are now protected as a “break-even” trade as the market has now rallied past the 100% initial risk level.

But this is yet another example of how well the DP provides support and resistance in the FOREX markets.

Thanks, Steve

JPYUSD – Advanced on the 60min

2009-10-13T02:16:00.001-07:00

As a PS for the Advanced Traders among you on the original 60min JPY Chart.

Do you see how the rally into the high also unfolded in 5-wave, with the high at the Typical Wave 3 WPT. This was another reason to look to bank profits at this level.

Thanks, Steve

JPYUSD – Check on 240min Chart

2009-10-13T02:14:00.001-07:00

As I said in the post below, you should always check the larger degree trend. Please see the chart to the right. Do you all see how the Typical Wave 3 WPT target was “in the same area as” the DP target on this 240min chart. Therefore you should have been looking to run your 60min long into this larger degree target.

This is how “multiple time frames fit together”, and as such was one of the reason to run your 60min long into the higher (Wave 3) price target...

Thanks, Steve

JPYUSD – TS1 long on the 60min

2009-10-13T02:11:00.001-07:00

Hi Everybody,

I hope that you always check the “higher” time frame when you are look for (and then managing) your trades ? A great example was the recent TS1 long on the JPYUSD 60min chart.

As you can see, the long trade exceeded the two initial (Wave C) targets to reach the Typical Wave 3 WPT, where a profit of +11.9R (ignoring slippage and commission) was available.

So why look to this further out target ? Well there are two main reasons, first, the TS1 is usually the Wave (2) or larger degree, so this is “usually” followed by a strong Wave (3) type swing.... and secondly the larger degree trend, see next post.

Thanks, Steve

GBPUSD – Update

2009-10-12T02:11:00.000-07:00

Hi Everybody,

It is nice to see the 60-min GBP continue to decline following my last post :-)

As you can see, the GBP has pasted the first DP support zone only to reach the second.

But – how does this short trade “fit in” with the larger degree trend ? I will let you all draw the 240min Chart to see the larger degree DP’s

Thanks

Steve

GBPUSD – manual DP’s

2009-10-09T03:12:00.001-07:00

Hi Everybody,

Yesterday I posted a 60min Chart of the GBPUSD, showing a “manual DP” as a profit target for a manual long trade. Well, here we are 24hrs later and that DP (posted “at the time”) nailed the high perfectly........... No hindsight there :-)

So this is what I am trying to show – The manual DP’s work very well on FOREX Charts, so should become part of your daily analysis as well as just the automatic setups.

Thanks

Steve

GBPUSD – manual DP’s

2009-10-08T02:24:00.001-07:00

Hi Everybody,

Here is a great example of what I mean by using the “manual” DP’s on FOREX charts. Can you see how the recent rally on this 60min GBPUSD chart started right from DP support, and has now just reached the “opposing” DP as an initial target.

Notice the triple divergence on the Stochastic as well adding weight to the low at DP support.

Thanks, Steve

GBPJPY – DP low Part 2

2009-10-08T02:11:00.000-07:00

As with all charts it is always very important to see how your analysis “fist in” with the larger degree trend, this is particularly important with manual DP’s.

As you can see in this example, the 60min DP is actually at a 240min Wave C low, so support is confirmed. Obviously the market can do as it wishes, that why all traders have to have stops in place, but at least we have the back up of the larger degree chart position.

Thanks, Steve

GBPJPY – DP low

2009-10-08T02:08:00.001-07:00

Hi Everybody,

Welcome to this new Blog where I will take a look and follow trader on FOREX specifically.............

I would like to start with the GBPJPY 60min Chart. With FOREX you have to use the manual DP’s a lot more and they do catch turns very nicely

As you can see, we have DP support on the GBPJPY, so let’s see whether the current rally can continue

Thanks, Steve